Precision Medicine Market to Reach $118.32 Billion by 2025

Strategic Insights -

The global precision medicine market is expected to grow from $62.75 billion in 2020 to $72.58 billion in 2021 at a compound annual growth rate (CAGR) of 15.7%. The market is driven by the rising prevalence of cancer and the development of novel precision medicines for pancreatic cancer. The market is expected to reach $118.32 billion in 2025 at a CAGR of 13%. Major players in the precision medicine market include Qiagen, Novartis AG, Medtronic, AstraZeneca plc., Quest Diagnostics, Thermo Fisher Scientific Inc., Pfizer, Bristol-Myers Squibb, Merck & Co. Inc., Tepnel Pharma Services, Abbott Laboratories, Takeda Pharmaceutical Company Ltd., and Eli Lilly and Company.

Key Takeaways:

  • The global precision medicine market is expected to grow at a CAGR of 15.7% from 2020 to 2021, reaching $72.58 billion.
  • The market is expected to reach $118.32 billion in 2025 at a CAGR of 13%.
  • Major players in the precision medicine market include Qiagen, Novartis AG, Medtronic, AstraZeneca plc., Quest Diagnostics, Thermo Fisher Scientific Inc., Pfizer, Bristol-Myers Squibb, Merck & Co. Inc., Tepnel Pharma Services, Abbott Laboratories, Takeda Pharmaceutical Company Ltd., and Eli Lilly and Company.
  • The precision medicine market is driven by the rising prevalence of cancer and the development of novel precision medicines for pancreatic cancer.
  • The market is expected to be shaped by the development of novel precision medicine approaches for treating damaged DNA in cancer cells.
  • The precision medicine market is expected to be impacted by the COVID-19 pandemic, with the market growing at an accelerated rate due to the increased demand for precision medicines.

Statistics:

  • The global precision medicine market is expected to grow from $62.75 billion in 2020 to $72.58 billion in 2021 at a CAGR of 15.7%.
  • The market is expected to reach $118.32 billion in 2025 at a CAGR of 13%.
  • The major players in the precision medicine market include Qiagen, Novartis AG, Medtronic, AstraZeneca plc., Quest Diagnostics, Thermo Fisher Scientific Inc., Pfizer, Bristol-Myers Squibb, Merck & Co. Inc., Tepnel Pharma Services, Abbott Laboratories, Takeda Pharmaceutical Company Ltd., and Eli Lilly and Company.
  • The precision medicine market is expected to be driven by the rising prevalence of cancer, with one out of every five individuals developing cancer at some point in their lives.
  • The precision medicine market is expected to be shaped by the development of novel precision medicine approaches for treating damaged DNA in cancer cells.

Sources:

  • "Precision Medicine Global Market Report 2021: COVID-19 Growth and Change" by ResearchAndMarkets.com
  • https://www.researchandmarkets.com/r/g4975l
  • https://www.businesswire.com/news/home/20211216005730/en/